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Saudi Arabia, Pakistan Seek to Boost Trade, Support Investors

Saudi-Pakistani Business Council Chairman to Asharq Al-Awsat: We are working on boosting strategic investments.

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chair the Saudi-Pakistani Special Investment Facilitation Council (SIFC) in Islamabad on Tuesday. (SPA)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chair the Saudi-Pakistani Special Investment Facilitation Council (SIFC) in Islamabad on Tuesday. (SPA)
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Saudi Arabia, Pakistan Seek to Boost Trade, Support Investors

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chair the Saudi-Pakistani Special Investment Facilitation Council (SIFC) in Islamabad on Tuesday. (SPA)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chair the Saudi-Pakistani Special Investment Facilitation Council (SIFC) in Islamabad on Tuesday. (SPA)

Saudi Arabia and Pakistan are seeking to bolster economic cooperation, boost the trade exchange between them and support investors to expand their work in the two countries.  

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Pakistani counterpart Ishaq Dar chaired in Islamabad on Tuesday a meeting of the Saudi-Pakistani Special Investment Facilitation Council (SIFC).  

A high-level Saudi delegation attended the meeting. It included Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, Minister of Industry and Mineral Resources Bandar Al-Khorayef, Advisor to the Royal Court Mohammad Al-Tuwaijri, Assistant Minister of Investment Ibrahim Al-Mubarak, as well as a number of senior officials from the ministries of foreign affairs and energy, Public Investment Fund, and the Saudi Fund for Development.  

Prince Faisal praised the deep-rooted Saudi-Pakistani relations, stressing that the Saudi delegation’s visit complements the meeting held by Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Prime Minister of Pakistan Muhammad Shehbaz Sharif in Makkah.  

For his part, Dar praised the deep bonds and strategic interests that bind Pakistan and Saudi Arabia. He highlighted the importance of bolstering the strategic and economic partnership and the vital role played by Saudi investments in boosting this bond. 

He highlighted the SIFC platform through which Islamabad is seeking to simplify investment operations and create a prosperous investment environment in Pakistan. 

He underlined the abundant opportunities for investment in Pakistan in the fields of agriculture, Information Technology, and mining, calling on Saudi investors to forge partnerships that are beneficial to both parties. 

Officials from the SIFC delivered comprehensive presentations about the investment opportunities in the main sectors of the Pakistani economy.  

For their part, Saudi officials stressed the importance of improving the investment environment in Pakistan, praising the role of the SIFC in amicably settling investment issues. 

The two parties set a bilateral executive mechanism to coordinate affairs related to investments so that pledges can be transformed into tangible results. 

Chairman of the Saudi-Pakistani Business Council Fahd al-Bash stressed to Asharq Al-Awsat the importance of the SIFC meeting, saying it was preparing a number of major investments in the Pakistani economy. 

This reflects Saudi Arabia’s commitment to supporting the people of Pakistan and bolstering economic and trade relations between the countries, he remarked.  

“We believe in the cooperation and partnership between the two countries and we aspire to boost these ties in various sectors through promising strategic investments and partnerships,” he added.  

“We are optimistic about the future of the economic and trade relations and look forward to a new chapter in fruitful and sustainable cooperation,” he went on to say. 

Prince Faisal is on an official visit to Pakistan where he met with President Asif Ali Zardari and Prime Minister Muhammad Shehbaz Sharif. 

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Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.